We'll be discussing the current state of the NYC real estate market, and also for the state of New York. August 2020 was marked by the lowest median sale price of the year at $665,000 and sales dropped 19% below July levels. Real estate sales across the four boroughs of NYC were down 45% compared to last year's August, representing the sharpest year-over-year rate of contraction in three months, according to PropertyShark.com.
As New York continues to fight the pandemic, Governor Cuomo extended the state’s moratorium on COVID-related residential property evictions until January 1, 2021, through Executive Order. Additionally, previous Executive Orders have prohibited charges or fees for late rent payments, and tenants facing financial hardship can still use their security deposit as payment and repay their security deposit over time.
The NYC housing prices trends have shifted from their normal course of trending up. After remaining firmly steady throughout the pandemic, July presented a whole new picture. July’s $680,000 median sale price represented a 13% year-over-year drop. This trend followed in August as well. The prices plunged again, from $680,000 to $665,000, declining 2% as compared to July and 1% as compared to last year. The YTD median sale price in NYC stands at $685,000 and YTD sales totaled 18,542.
Earlier in June, the median sales price in NYC had hit $718,000 for the highest figure year-to-date. June also marked the first noticeable year-over-year price contraction, coming in 2% below June 2019's median of $735,000.
The statewide median sold price in New York climbed to $309,175 in August. The average sold price also jumped by double-digits (+ 11.7%) to $428,138. The price growth can be attributed to an insufficient amount of homes available for sale. The closed sales in August dropped by 14.7% while pending sales surged by 40.5%.